D’Arcangelo Blog

New Law May Boost C Corporations

The recently-signed Protecting Americans from Tax Hikes Act of 2015 reinstates some expired tax benefits retroactively and makes them permanent. On the list is the 100% tax exclusion of the gain from sales of qualified small business stock (QSBS). Example 1: Nick Oliver creates a company in 2016 and sells all the stock in it inContinue reading →

It’s All Fun and Games Until the Taxes

As 2016 began, people were lining up to buy tickets for the Powerball lottery, which eventually reached a total prize of $1.58 billion. Many states have lotteries, and countless participants win prizes, albeit usually much smaller than the Powerball jackpot. Are such winnings taxable? The answer, in a word, is yes. (As an exception toContinue reading →

The Fine Points of Paying for Health Insurance After a Divorce

Going through a divorce can be a stressful experience, and some items may be overlooked. Nevertheless, if you are in this situation, it is critical to plan for  future health insurance. Medical bills and health insurance premiums can be extremely expensive; any lapse in coverage might lead to a financial crisis. The fine points of payingContinue reading →

Putting Protection in Place: Cyber Security for Business Owners

Data breaches at large companies often make headlines. The good news is that major corporations have the resources (and, increasingly, the motivation) to protect themselves from electronic intruders. If your company does business with firms in the S&P 500, your personal and business data probably are secure. The bad news? Thwarted hackers and identity thieves mayContinue reading →

Avoid Penalties with Tax-Efficient IRA Withdrawals

Many people save for retirement by putting pretax dollars into an employer-sponsored retirement plan, such as a 401(k). Those dollars may be rolled into an IRA, perhaps at retirement or after a change in jobs. An IRA rollover can maintain the tax deferral. Ultimately, those pretax dollars will be withdrawn and reported as taxable income.Continue reading →

2016 Tax Tips: Deducting Taxes Paid

When you file your 2015 federal income tax this year, you can take a standard deduction. For 2015, that’s $6,300 for single taxpayers and for married individuals filing separately; $12,600 for couples filing jointly and for certain widow(er)s; and $9,250 for those filing as heads of household. The beauty of taking the standard deduction isContinue reading →

Executive Order No. 38 – Not Just for Nonprofits

In a bold attempt to prevent New York State funds from being expended for what has been determined to be excessive executive compensation and administrative costs, Governor Cuomo issued Executive Order No. 38 effective July 1, 2013.  While the nonprofit industry is receiving a great deal of attention and appears to be focused on theseContinue reading →

Nonprofit Revitalization Act 2013

Click here to read a summary from the Attorney General’s Office of the Nonprofit Revitalization Act 2013 that was passed in June of this year.

New York Income Tax: Appellate Court Upholds MCTMT

A New York appellate court has reversed a lower court’s ruling that the metropolitan commuter transportation mobility tax (MCTMT) was unconstitutionally passed by the Legislature without a home rule message. The lower court found that the tax was a special law that did not serve a substantial state interest. However, the appellate court concluded thatContinue reading →

Delay in Affordable Care Act

The bombshell July 2 announcement came in the form of a blog post on the U.S. Treasury Department’s website, accompanied by a statement issued from the White House. The employer “shared responsibility” provision is being delayed one year, until 2015. The move was described, essentially, as a consequence of the IRS’ failure to provide employersContinue reading →